Gold struggles for direction as dollar gains ground

Gold struggles for direction as dollar gains ground

David Gray/Agence France-Presse/Getty Images Gold futures flipped between small gains and losses Monday, struggling to find haven-related buying support as global equities fell in response to rising COVID-19 cases in the U.S. and Europe.

A stronger U.S. dollar, meanwhile, was seen capping gains for the yellow metal.

Gold for December delivery GOLD was up $2.80, or 0.1%, at $1,908 an ounce on Comex, while December silver SIZ0 was off 26 cents, or 1.1%, at $24.415 an ounce.

“The great gold consolidation continues, with price holding up relatively well this morning and clinging onto support, despite broader market sentiment turning negative and the dollar making decent gains,” said Craig Erlam, senior market analyst at Oanda, in a note. “This hasn’t been the best combination for gold prices this year but they are showing some resilience in early trade.”U.S. stock-index futures pointed to a lower start for Wall Street on Monday, with pressure attributed […]

About the author: StockMan
Tell us something about yourself.
Posting Guidelines
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!


No comments yet